Stock Groups

Apple slips behind Saudi Aramco to lose spot as most valuable company

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Tim Cook is the CEO of Apple Inc.

CNBC| CNBC

Saudi Aramco has been surpassed by oil giant AppleAs the most valued company in the world.

According to FactSet which converts Aramco’s market value to dollars, its valuation on Wednesday was less than $2.43 trillion. Apple’s market value has now reached $2.37 trillion, after it fell more than 5% in trading in the U.S.

The energy stocks and the prices for it have increased. been risingFears of an economic downturn prompt investors to sell their equity in technology and other industries. Apple shares have fallen almost 20% from its January 4, 2001 peak at $182.94

While the movement is symbolic, it shows how markets shift as the global economy struggles with rising interest rates and inflation.

Aramco’s stock has risen by more than 27% to date in 2022. Oil giant Aramco posted a record March stock price of 27%. reportedDue to rising oil prices, its profit for the full year last year was more than twice as high.

Apple became the largest publicly traded corporation in the world after Saudi Aramco. in 2020.

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